Prescriptive Analytics for Decision Making

Singapore University of Social Sciences

Prescriptive Analytics for Decision Making (ANL558)

Synopsis

In this course, students will explore prescriptive analytics to enhance decision-making using optimisation models. They will learn to build and apply these models to improve key business metrics such as profitability, cost reduction, and revenue optimisation. The course covers linear and integer programming and introduces decision trees for making decisions under uncertainty. Students will gain hands-on experience with open-source tools like Excel Solver, OpenSolver and Python. By integrating optimisation, simulation, and decision trees, learners will be equipped to tackle complex business problems and drive optimal outcomes, improving operational efficiency and strategic planning within their organisations.

Level: 5
Credit Units: 5
Presentation Pattern: EVERY JULY

Topics

Probability Theory
Decision Analysis with Decision Trees
Linear Optimisation
Integer Optimisation
Spreadsheet Modelling with Excel Solver
Optimisation Techniques
Software Tools for Prescriptive Analytics
Simulation Modelling I
Simulation Modelling II
Integration of Analytics Techniques
Decision Making under Uncertainty
Real-World Applications of Prescriptive Analytics

Learning Outcome

Critique the role of decision trees in making decisions under uncertainty
Evaluate the fundamental principles and methodologies of linear and integer programming and their applications in prescriptive analytics
Assess various open-source tools such as Excel Solver, OpenSolver, and Python for developing and solving optimisation models
Design how prescriptive analytics integrates with descriptive and predictive analytics to form a comprehensive decision-making framework
Appraise how to apply prescriptive analytics to various business contexts
Construct and implement optimisation models to solve real-world business problems
Prioritise complex data sets to derive actionable insights and optimal strategies
Formulate solutions by applying prescriptive analytics techniques to address business challenges in uncertain environments
Apply strategic decision-making skills by leveraging prescriptive analytics to identify and execute the best action for business success